Auction buying tips

Storage auctions involve risk, mainly because you don't know exactly what you are buying. Would-be buyers must bid on the entire contents of a rental unit based on a brief glimpse inside.

Here are seven tips to help avoid wasting time and money, courtesy of
Storagetreasures.com.

1. Call ahead to confirm the auction. Auctions are often canceled if the owner of the merchandise shows up to pay his overdue rent.

2. Bring cash. Many storage facilities do not accept checks or credit cards. Units sell for anywhere from $25 to $1,000 or more. In Southern California, a typical price is $400.

3. Start slowly. Experts recommend watching numerous auctions before you make your first bid. Observing will give you a better sense of what units are worth.

4. Only bid on what you see. Diamonds and gold are sometimes hidden in drawers and jewelry boxes, but don't count on it.

5. Be prepared to move the goods. Facilities require that you empty out the unit right away – often within 24 hours. Have a truck available, especially when bidding on larger units.

6. Be an expert seller. Buying is only half of the job, arguably the least-important half. Knowing what merchandise is worth and where it is best sold is critical.

7. Watch for signs and red flags. Dust can be an indicator of valuables – someone was willing to store the unit for a long while. Brand-name boxes can be a good sign, unless there are too many of them. They might have been planted to drive up auction prices.

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